This note develops the solutions of the static portfolio optimization problem in explicit matrix form. Three cases are contemplated and connected, with the derivation of relevant corner solutions: the unconstrained problem in the presence of risky assets only, the constrained one, and the...

This paper uses panel data from Japan to decompose productivity growth measured by the growth of output per labour unit into three components of efficiency improvement, capital accumulation and technological progress. It then examines their determinants through a dynamic panel model. This paper...

The present article considers Bayesian unit root test for autoregressive model involving structural break in variance. The posterior odds ratio for testing of unit root hypothesis against the alternative of break in variance has been derived under appropriate prior assumptions for the...